Citigroup's Closure of Office Dedicated to Refinancing Home Loans Leads to Layoffs

Citigroup Inc. is closing an office dedicated to mortgage refinancing in Danville, Ill., a move that is leading to 120 layoffs at the bank, a spokesman said.

The New York bank had opened the office in the small town in eastern Illinois "to handle the surge in demand for refinancing; however, due to the ongoing decline in refinance volumes, the excess capacity Danville provided is no longer needed," the firm said in a...